Specialisation & Division Of Labour (LS5)

Question 1

Specialisation

Answer 1

This occurs when an individual, firm, region or countries concentrates on the production of limited range of goods and services.

Question 2

Division of labour

Answer 2

The specialisation of workers on specific tasks in production process.

Question 3

Productivity

Answer 3

Effectiveness of productive effort usually measured in terms of the rate of output per unit of input.

Question 4

What does increased productivity lead to?

Answer 4

Higher output & higher quality.
Higher living standards.
More efficient use of resources.

Question 5

When productivity of workers rise…

Answer 5

So does output

Question 6

Overall benefit for firms:

Answer 6

Greater quantity and higher quality of output

Question 7

Overall benefit for workers:

Answer 7

Higher skill levels and potentially higher wages

Question 8

Repetition of tasks can lead to boredom which can lead to…

Answer 8

Quality and morale to drop

Question 9

Simplified job roles can reduce…

Answer 9

Pride that workers feel in their jobs.

Question 10

Higher economic growth

Answer 10

Higher living standards

Question 11

Increased interdependence

Answer 11

Reduces self sufficiency

Question 12

Two methods of trading:

Answer 12

Bartering and money

Question 13

Medium of exchange:

Answer 13

Something commonly accepted in exchange for goods.

Question 14

Measure of value:

Answer 14

The price of a goods reveals its value

Question 15

Store of value:

Answer 15

Value is maintained and can be kept for a long time.

Question 16

Method of deferred payment:

Answer 16

Allows debt to be created.

Question 17

Planning:

Answer 17

Refers to the process by which a government allocates resources. This is funded through taxation.

Question 18

Market:

Answer 18

Anywhere buyers and sellers and buyers exchange goods. This can be physical or digital.

Question 19

Price mechanism:

Answer 19

The process by which the market allocates resources.